I like how coloring is done in "alternative file manager", where color scheme is just a search template. So there's no need to separate e.g. files and folders settings - all flags (incl. system/hidden) could be chosen in template. But at least one thing could be improved: a possibility to check/uncheck color templates. So if i have 100 templates i can choose which to use for coloring because using them all could waste a lot of resources and time and make MC slow and unresponsive.
And you don't have to think about parameters a user may set. If somebody sets all colors to white and get blank panel - it's not you problem. Everyone should be careful. Moreover, it is always possible to reset settings to defaults.
P.S. I like the idea of applying font style. E.g. italic. Though the perfomance tests shoud be done